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The Royal Academy of Engineering has launched its Enterprise Fellowship program which supports innovative, creative entrepreneurial engineers who have demonstrated an exceptional engineering innovation which they want to develop further. The program focuses on equipping the awardee with the confidence, skills, experience, and network of experts necessary to enable them to develop their innovation. Academy supports three types of individuals through its Enterprise Fellowships; researchers wishing to launch a company from a university or research institute, recent graduates wishing to create a company, and international Ph.D. students based in the UK, wishing to spin out or startup.

Eligibility Criteria:

The awardee should play the leading role in the development of the business, as the CEO or COO for at least the duration of the Fellowship so the training will be more beneficial and effective if you are in a leading role so you could practice what you learn in the immediate future.

Applicants must show commitment to the objectives of the program and may only use the award to establish a business that develops an innovative product or service coming from past research or projects.

The proposed innovation must be an innovation or invention in engineering or any of its a wide range of diverse fields and/or technology.

To have the most of the training and support provided by the Hub, As a minimum, the proposed innovation must be at Technology Readiness Level four or above, and as a maximum, it shouldn't be currently available to the market other than as a prototype/minimum viable product with limited sales. The applicant should be able to produce a minimum viable product within the next two years.

The applicant must have appropriate intellectual property rights to utilize innovation through a patent, license, trade secret, etc.

Awardees will spend the vast majority of their time working on the objectives of the award, as this is a full-time award.

Applicants should have a viable invention with a large market opportunity and ambition to grow to ensure that the engineering innovation becomes available to the public.

The innovation must have finished the all fundamental research work to be undertaken as your primary role will be to develop the business. You may engage in limited product development.

You must have the desire and capability to succeed as it is more important than having experience in commercialization activities as the academy will equip you with the necessary skills through a program of training and mentoring.

Academy will accept applications for Social Enterprises, and both commercial and social enterprises are treated equally as a self-sustaining social enterprise will have a much greater impact than one which fails for lack of funding.

It must be your first time to apply for Hub Fellowship, i.e. other staff associated with the project must not be former recipients of a Hub Enterprise Fellowship.

Applicants must be able to attend the interview in person to be considered for award. The interviews will be held in central London six to eight weeks after the Stage 2 submission deadline.

The project must start on 1 January 2020 and formally end on 31 December 2020. Naturally, you will likely continue with the project after this.

Only one application is allowed per applicant.

Only one application is allowed per start-up/innovation, so select an appropriate lead applicant.

Any applications that are incomplete or do not adhere to the guidelines may be rejected.

Funding:

This opportunity will provide:

Up to £60,000 equity-free funding.

mentoring and training.

PR, marketing and promotion.

Access to the academy's drop-in workspace in central London.

If you successfully complete the Enterprise Fellowship Program you will be invited to become an Enterprise Hub Member, and you will continue to receive an exceptional package of lifetime support, including continued access to academy's facilities, training program, PR and media support, a network of investors, experts and Academy Fellows.

About the Royal Academy of Engineering:

It brings the most successful and talented engineers from across the profession with their Fellows to advance and promote excellence in engineering for the benefit of society. It has three strategic priorities: make the UK the leading nation for engineering innovation and businesses, address the engineering skills crisis, and position engineering at the heart of society.